Correlation Between Peoples Insurance and Thinkingdom Media
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By analyzing existing cross correlation between Peoples Insurance of and Thinkingdom Media Group, you can compare the effects of market volatilities on Peoples Insurance and Thinkingdom Media and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Peoples Insurance with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Thinkingdom Media.
Diversification Opportunities for Peoples Insurance and Thinkingdom Media
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Peoples and Thinkingdom is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and Peoples Insurance is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Peoples Insurance of are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Peoples Insurance and Thinkingdom Media
Assuming the 90 days trading horizon Peoples Insurance is expected to generate 1.13 times less return on investment than Thinkingdom Media. But when comparing it to its historical volatility, Peoples Insurance of is 1.53 times less risky than Thinkingdom Media. It trades about 0.06 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,517 in Thinkingdom Media Group on December 11, 2024 and sell it today you would earn a total of 393.00 from holding Thinkingdom Media Group or generate 25.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peoples Insurance of vs. Thinkingdom Media Group
Performance |
| Timeline |
| Peoples Insurance |
| Thinkingdom Media |
Peoples Insurance and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Thinkingdom Media
The main advantage of trading using opposite Peoples Insurance and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Thinkingdom Media can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Peoples Insurance vs. Wangneng Environment Co | ||
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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